Hong Kong's role as the region's information technology (IT) hub will be further enhanced in March when 20 companies including both overseas and local firms move into the landmark HK$15.6m (US$2 million) Cyberport development at Telegraph Bay on the western part of Hong Kong island.

The flagship information infrastructure project, a joint venture between the government and Hong Kong company Pacific Century Cyberworks (PCCW), is expected to be completed by 2003 in three stages. It will eventually house more than 150 multinational, medium and small-sized companies at the cutting edge of the IT revolution.

At the recent topping-out ceremony Financial Secretary Antony Leung said: "We are determined to develop a world-class information infrastructure, as part and parcel of our overall strategy to build up Hong Kong as a leading knowledge economy in the globally e-connected world."

The deputy secretary of the Information Technology and Broadcasting Bureau, Annie Tam, said that Cyberport was a symbol of the government's determination to build up Hong Kong as a leading digital city.

"Cyberport's campus-like environment encourages interaction between like-minded companies and professionals who can unleash their creative synergies and benefit from shared ideas and knowledge," Ms Tam said.

Cyberport will have intelligent offices, world-class IT infrastructure, a wide range of shared IT facilities, a cyber-centre providing educational, retail and entertainment activities and a 176-room hotel.

Ms Tam added the project would rely on the expertise and entrepreneurial spirit of the private sector. "There will be lots of opportunities for overseas investments."

Overseas companies already involved in the project include US concept designer Arquitectonica and Jerde Partnership International Inc, and landscape firm Belt Collins, UK construction company Ove Arup & Partners, UK law firm Denton Wilde Sapte and Australian graphics designer Emery Vincent.

Fifteen companies have signed letters of intent, indicating that they are prepared to become anchor tenants. These include Microsoft, Hewlett-Packard, Cisco and IBM.